Home Affordability in Midland, TX
The median home price in Midland is $310,000 with a median household income of $75,429. Housing is moderately affordable relative to local incomes.
Median Home Price
$310,000
Median Income
$75,429
Price-to-Income Ratio
4.1x
Est. Affordable Home
$293,000
Property Tax Rate
1.75%
Annual Property Tax
$5,425
Sales Tax Rate
8.25%
Cost of Living Index
98
Buying a Home in Midland
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $75,429 in Midland can afford a monthly housing payment of approximately $1,760. This translates to a home price of roughly $293,000, which is below the median home price of $310,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Midland would be approximately $5,425 per year ($452/month) at the effective rate of 1.75%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $9,300 | $300,700 | Yes |
| 5% | $15,500 | $294,500 | Yes |
| 10% | $31,000 | $279,000 | Yes |
| 20% | $62,000 | $248,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now